Moody’s might up Lock Lower, notes, revolver

Moody's Investors Service announced the continuation of the review on the B2 corporate family rating of Lock Lower Holding AS, the parent company of Lindorff AB, and changed the direction to review for upgrade from direction uncertain.

The agency also placed on review for upgrade the B2 rating assigned to the five senior secured notes with a combined amount of €1.5 billion and the B1 rating assigned to the €430 million revolving credit facility issued by Lock AS, a subsidiary of Lock Lower.

Additionally, Moody's placed on review for upgrade the Caa1 rating assigned to the two senior notes with a combined amount of €447 million issued by Lock Lower.

Moody’s said the action was prompted by Lindorff's announcement Nov. 14 indicating its plans to merge with Intrum Justitia (unrated), a company operating in the credit management services industry across Europe. The transaction is expected to close in the second quarter of 2017.

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